Storm Burglind (Eleanor) industry loss estimate hits $840m

by Artemis on July 2, 2018

The estimate of insurance and reinsurance industry losses caused by European windstorm Burglind, which was known as Eleanor in the United Kingdom and Ireland, has risen by another 6% to $840 million (EUR 724m), at the third update from PERILS AG.

Storm Burglind Eleanor damageExtratropical cyclone Eleanor or Burglind caused significant damage and insured losses across Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland, and the United Kingdom between 2nd and 3rd January 2018.

Catastrophe loss data aggregator PERILS began by estimating the insurance and reinsurance industry wide market loss from storm Burglind / Eleanor at EUR 643 million in February,which was followed by a 6% hike to EUR 680 million ($785m) at the second update in April.

But the estimate has continued to rise as more claims information has been reported by affected re/insurers, leading PERILS to announce today that the estimated bill from windstorm Burglind / Eleanor for insurance and reinsurance capital to pay now sits at $840 million, or EUR 724 million, a further 6% increase.

PERILS estimates are made up of data collected from affected insurance and reinsurance companies, so provide an approximation for industry-wide damage levels from a single catastrophe loss event.

PERILS said that the majority of the incurred insurance losses were from France, Germany and Switzerland, with the latter particularly badly affected by this storm which has become the highest insured loss recorded in the country since Windstorm Lothar in 1999.

A final update to the industry loss estimate will be released a year from the date of the windstorm.

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ILS Asia 2018

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